NexGel Inc 2025年季度报告

FORM10-Q For the quarterly period ended:March 31,2025 OR Commission file number:001-41173 NexGel, Inc. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May 13, 2025 the registrant had7,654,537shares of common stock outstanding. NEXGEL, INC. NEXGEL, INCCONDENSED CONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2025 AND DECEMBER 31, 2024 Table of Contents NEXGEL, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.Description of Business and Basis of Presentation NexGel, Inc. (“NexGel” or the “Company”) manufactures high water content, electron beam cross-linked, aqueous polymer hydrogels,or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. The Company specializes in custom gelsby capitalizing on proprietary manufacturing technologies. The Company has historically served as a contract manufacturer, supplyingour gels to third parties who incorporate them into their own products. Beginning in 2020, we created two new lines of business for theCompany. First, we launched our own line of branded consumer products sold direct to consumers. Second, we expanded into customand white label opportunities, which focuses on combining our gels with proprietary branded products and white label opportunities.All of our gel products are manufactured using proprietary and non-proprietary mixing, coating and cross-linking technologies.Together, these technologies enable us to produce gels that can satisfy rigid tolerance specifications with respect to a wide range of NexGel was previously known as AquaMed Technologies, Inc. (“AquaMed”) before changing its name to NexGel, Inc. on November14, 2019. On May 15, 2024, the Company purchased substantially all of the assets from Semmens Online Pty Ltd as Trustee for SemmensBusiness Trust (the “SG Seller”) related to the SG Seller’s eyeliner, fake eyelashes, lash serum and mascara business operating under On December 1, 2023, the Company purchased substantially all of the assets Olympus Trading Company, LLC (the “KenkodermSeller”) related to the Kenkoderm Seller’s skincare line focused on reducing symptoms associated with psoriasis operating under the On March 1, 2023, the Company acquired a50% interest in a newly formed joint venture (“CGN JV”), CG Converting and Packaging,LLC (“CGN”), with C.G. Laboratories Inc. (“CG Labs”) for its converting and packaging business. The CGN JV was effective March1, 2023. As a result of this transaction, the Company owns50% of the CGN JV, with the remaining50% held by CG Labs. On January 6, 2023, the Company acquired a50% interest in a newly formed joint venture (“Enigma JV”) to pursue branded consumerproduct retail opportunities and the development of new patch products. The Enigma JV agreement was effective January 6, 2023. Asa result of this transaction, the Company owned50% of the Enigma JV, with the remaining50% held by Moiety. However, the Enigma Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with generally acceptedaccounting principles in the United States of America (“GAAP”) and are presented in US dollars. The accompanying interim unaudited condensed consolidated financial statements and footnotes of NexGel have been prepared inaccordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they donotinclude all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, theseunaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, considered Table of Contents Principles of Co